- Dogecoin is likely experiencing an expansion of its network with a steady increase in new DOGE wallet addresses.
- Rising network activity supports a bullish thesis for DOGE price recovery.
- Dogecoin price could rally 7%, and surpass resistance at $0.1061 in the current uptrend.
Dogecoin noted spikes in its daily active addresses on December 14, 19 and in the past week. This increase supports a bullish thesis for DOGE price recovery. The meme coin is likely to surpass its resistance and rally towards the $0.1118 level, previously seen in December 2022.
Also read: Four altcoins most likely to bounce during Christmas holidays: LTC, STORJ, ILV, DYDX
Dogecoin on-chain metrics support DOGE price recovery thesis
According to Santiment data, active addresses and volume of DOGE climbed between December 14 and 24. This supports a bullish outlook on the meme coin.
 [11.45.36, 24 Dec, 2023]-638389964644759525.png)
DOGE active addresses and volume. Source: Santiment
The weighted sentiment among market participants remained negative on Sunday, while the count of daily active addresses increased.
 [11.06.50, 24 Dec, 2023]-638389965023879750.png)
Weighted sentiment and price. Source: Santiment
IntoTheBlock data reveals 110,540 new addresses were created on December 23. DOGE added 31.35% new addresses in the past week. The increase in addresses supports the thesis of an upcoming recovery in the asset. New addresses signal increase in demand for the meme coin among market participants.
DOGE price eyes 7% rally
Dogecoin price is currently in an uptrend that started on October 18, 2023. DOGE price is above its 50 and 200-day Exponential Moving Averages at $0.0860 and $0.0754. The meme coin faces two resistances in its path to $0.1118, at the 38.2% and 50% Fib level of the decline from November 2022 top of $0.1587 to the June 2023 low of $0.0535.
DOGE/USDT 1-day chart
At the time of writing, DOGE price is $0.0930 on Binance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.